Armstrong Ditches Foundation Plans for Donor-Advised Fund

Coinbase CEO Brian Armstrong has a net worth of around $9 billion, but he's taking an unconventional approach to philanthropy. Unlike many wealthy individuals, Armstrong doesn't plan to establish a traditional charitable foundation, citing concerns that such institutions can be captured by ideological interests and lose their original purpose.

Armstrong expressed his views on the Katie Miller Podcast, describing himself as having a 'contrarian view' on philanthropy. He stated that some large charitable organizations can ultimately do more harm than good, pointing to the Ford Foundation as an example. According to Armstrong, Henry Ford would be 'turning over in his grave' if he knew what the foundation was up to.

Armstrong uses a donor-advised fund to support causes he believes can 'advance civilization.' He also leaves open the possibility of changing his mind and creating a foundation in the future. Coinbase is backing projects outside traditional charitable giving, such as sponsoring a mobile strategy game tournament with a $10,000 prize pool.